Stobart has returned to pre-tax profitability, latest figures showed, despite the “significant challenge” of the driver shortage affecting the haulage giant’s results.
For the 13-month period ending 31 December 2021, the company reported revenues of £591.2m and a pre-tax profit of £3.3m.
This compared to a £559.1m turnover in the previous 12-months and a £7.7m pre-tax loss.
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The haulier’s holding company, Greenwhitestar Acquisitions was fully acquired by Culina Group in July 2021 and Stobart said that since the purchase it had continued to invest in the future of the business and had also rebranded.
In a business update signed off by the board, Culina Group chief executive Thomas van Mourik said: “The well-publicised driver shortage during 2021 has had an impact on the results in the period due to a maximum capacity limit; however, the company navigated this crisis through varying means of retention, recruitment and use of agency staff, while continuing to work closely with our customers to maintain service levels and supply.”
Stobart said profit from operating activities before exceptional items increased by £7.5m to £41.2m in the period and this was partially due to the extension of the period, but mostly as a result of its continuing strategy to reduce overhead costs and streamline the business.